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1 Video for Flare Network
2 What is Flare Network
3.3 State Connector
3.4 Layer Cake
Video for Flare Network
Even a child will understand.
A video review about Flare was made by the author of the YouTube channel – https://www.youtube.com/@kik3 – sign!
What Flare Network
The Flare Network is the world’s first blockchain platform that implements Turing-complete smart contracts using the FBA (Federated Byzantine Agreement) consensus algorithm. This is all thanks to Flare integrating the Ethereum Virtual Machine (EVM) and using a variant of the Avalanche Snowman++ protocol adapted to the FBA consensus.
Benefits of the FBA consensus algorithm and its implementation by Flare:
- First of all, the FBA protocol provides high bandwidth and makes the network fast, cheap and scalable. As an example, take Stellar Lumens , which uses FBA to verify transactions with a huge TPS (about 3 thousand) and at the same time the verification takes from 3 to 5 seconds, and the cost is only 0.00001 XLM, as well as the Ripple network whose transactions are verified through FBA with participation of more than 150 validators.
- Flare also uses a variant of the Avalanche Snowman++ consensus algorithm that is modernized and adapted to the FBA consensus, reduces the importance of the share of one node and Does NOT rely on linking network security to the value of its native FLR token in contrast to the Proof of Stake (PoS) consensus, where there is a risk of centralization and the effect “the rich get richer” is observed. In this way, you can implement features that would be dangerous for networks where security depends on the token, which adds flexibility without sacrificing security.
Ethereum Integrated Virtual Machine (EVM) − this is what will allow people to create complete smart contracts and decentralized applications (Dapps) on the Flare Network. In other words, all experienced development teams using a programming language called Solidity and working with the standards most widely used for NFT ERC-721 and ERC-1155 can easily integrate their skills into the Flare network, while counting on the speed and cheapness of transactions commensurate with Stellar and Avalanche.
Ecosystem Overview Flare Network
The Flare Network is not just another layer 1 EVM blockchain connecting multiple blockchains. The Flare team has created 4 additional revolutionary components that will allow you to build a fast and reliable bridge between different platforms.
- F-Asset system
- Protocol of the State
- ConnectorLayer Cake
FTSO An on-chain oracle or decentralized network engine that provides data to the Flare network to ensure accurate pricing.
Why is the FTSO needed?
The Flare network is built as a decentralized blockchain, however, for the smart contracts on the network to function properly, it must rely on external price data that can be centralized. If the Flare network were to use exchange price data, it would make the system itself centralized. Thus, the Flare team created the FTSO as a decentralized price data evaluation mechanism.
How do I get rewarded from the FTSO?
An FLR holder delegating their individual vote to the FTSO will be rewarded in FLR for providing accurate estimates of price data.
FTSO as an inflation mechanism
FLR tokenomics uses an inflationary mechanism by which additional FLR is delivered to FTSO members. This means that instead of FLR serving as a deflationary asset, it will be able to increase supply to scale with the growing value on the network. However, unlike inflation in traditional markets where the rate is controlled by the central bank, the FLR inflation rate will be a control parameter set by FLR holders.
The FLR inflation rate must start at 10% of the originally minted 100 billion FLR per year for the first six months of the Flare’s existence. Six months later, the rate of inflation in the future will be voted on by management. The FTSO rewards will serve as a mechanism to distribute FLR token inflation among participants contributing to the integrity of the ecosystem price channels.
F-Asset or F-Assets on the Flare network serve as a reliable representation of a digital asset located on another blockchain and allows you to transfer the complex logic of full smart contracts to cryptocurrencies that cannot use them, such as XRP, Litecoin, Dogecoin, Bitcoin and others.
Around 75 % public token values cannot be used with trustless smart contracts. Flare Network aims to solve this problem by building a reliable bridge between assets through the State Connector protocol and the F-Asset system.
One use case for F-Asset is opening the first NFT Marketplace on the Flare Network, Sparkles. It will have the ability to use F-Assets to buy and sell NFTs. This will be the first time that many of the tokens will be used to sell NFTs on the Tier 1 blockchain.
Other benefits of creating an F-Asset position include receiving FLR from the F-Asset reward pool, and participating in DeFi products.
FLR holders can vote on proposals such as changes to the F-assets collateral ratio, inflation rate and gas tariffs, to name but a few.
Blockchain today consists of an ever-growing number of disparate ecosystems. To date, interoperability attempts have successfully led to the creation of multi-chain interoperability between subnets of the same layer 1. However, so far, secure decentralized cross-chain interoperability between individual layers 1 is not available.
Safe bridge problem
The root cause is usually not a coding error. The most common reason for hacking and stealing money in DeFi is cross-bridges. .
The Flare Network team received a grant from Algorand Foundation SupaGrant in a 7-figure amount for the development of a bitcoin bridge to the Algorand ecosystem.
The bridge will be designed using Flare’s own cross-chain protocols, providing more security than existing technologies.
Flare’s goal is to connect the decentralized economy using the State Connector protocol.
The State Connector is a proprietary open protocol on the Flare network.
It provides application developers with a building block for cross-chain compatibility. This is a new and foundational technology that will enable secure universal interoperability between any two chains, whether one, both, or neither have smart contract functionality.
State Connector much more secure than previous interaction mechanisms as it is able to fully query the validity of a transaction, including its history. The State Connector can also reduce the risk of replay attacks on connected chains by providing cross-chain compatibility with multi-chain network security.
With the State Connector, you can create dApps that respond to real-world events such as bank transactions, insurance payouts, sports scores, home purchases, or education levels.
The Flare team engineers just released the first application built on top of the State connector protocol called Layer Cakewhich is able to connect 100 blockchains with 101 smart contracts.
LayerCake is a smart contract, an application that creates a bridge and connects two non-Flare first-level blockchains, but transactions are protected by the Flare network. They also connect the Flare Network with other smart contracts, layer 1 blockchains, to facilitate the transfer of value back and forth.
These bridges will not store users’ money, while each deposit for them will be fully “insured” as bandwidth providers will be required to place liquidity stakes in the amount corresponding to the maximum bandwidth of their networks..
Thus, Layer Cake will allow seamless transfer of value between all kinds of heterogeneous networks: Solana (SOL), Ethereum (ETH), Cardano (ADA) and so on.
The native Flare token (FLR) and its unique use.
Flare (FLR) is a new form of programmable money that has the following functionality:
- Incentivized delegation of authority to the Flare oracle (FTSO) to support the provision of reliable decentralized price data.
- Provision in Flare, FAssets and Layer Cake connector applications by acting as an Agent or Bandwidth Provider respectively.
- Ensuring the security of data transmission.
- Provision in third-party decentralized applications built on Flare blockchains (cross-chain or exclusively own).
- Participation in network management.
- Transaction fees to prevent spam attacks.
- Providing liquidity for start-up projects in a crowdfunding contract.
- 100 billion FLR tokens.
Distribution of FLR to the community :
- 28.5 billion FLR distributed directly to community members over 36 months.
- 20 billion FLR available to community members who benefit the Flare network using Flare cross bridges(F-asset,Layer Cake)
- $9.8 billion allocated to the Flare Foundation for Community and Ecosystem Initiatives
TOTAL 58.3 billion
Team, consultants and supporters:
- 5.7 billion FLR will be made available to early stage supporters starting in the 6th month.
- FLR 13.5 billion allocated to existing and future team members and consultants. A team is prohibited from selling any FLR during the first 6 months, not more than 10% of its assets during the first 12 months, and not more than 25% (including the initial 10%) of its assets during the first 18 months.
TOTAL 19.2 billion
- FLR 12.5 billion allocated to Flare Networks Limited, which is responsible for developing its own products on Flare (for example, layer cake bridges).
- 10 billion FLR allocated to the Flare VC fund, which will invest in promising ecosystem projects.
TOTAL 22.5 billion
#Flare #Network #bring